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Low Doc Home Loans

Low Doc Home Loans

A Low Doc home loan is short for a low documentation home loan and is suitable for the self employed or people who are unable to provide full financial statements and other evidence of their income.

Advantages

  • Less paperwork required during the home loan application process
  • Application process for a low doc home loan is relatively quicker for the self employed than a full doc home loan
  • Interest rate discounts may apply after a period of successful home loan repayments without default
  • Suitable for the self employed or people with limited financial statements

Disadvantages

  • The interest rate and home loan repayments are higher than a full doc home loan
  • Lender's Mortgage Insurance is normally required on low doc home loans

Low Doc Home Loans

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